"The European Union and Israel share a long common history, marked by growing interdependence and cooperation. Both share the same values of democracy, a respect for freedom and rule of law and are committed to an open international economic system based on market principles. Israeli political, industrial, commercial and scientific leaders maintain close links to Europe. Over five decades of trade, cultural exchanges, political cooperation and a developed system of agreements have cemented these relations."
http://eeas.europa.eu/delegations/israel/eu_israel/political_relations/index_en.htm